Card Set Information

2012-11-19 23:26:44

Show Answers:

  1. 5 elements for a valid contract
    valid offer, valid acceptance, capacity (legally competant), valid consideration, lawful purpose
  2. unilateral contract
    invitation by the offerer to the offery requesting the offery to perform a particular act or to refrain from doing something. there is no formal acceptance on the part of the offery, but rather it is the performance by the offery that constitutes acceptance
  3. bilateral contract
    2 parties agree and each of their respective promises serves as the inducement for each of the parties to perform their end of the bargain: mutuality of promises: detrimently rely on the other pary
  4. contract can take form in two ways
    express contract: a contract manifested in words it can be either oral or in writing. implied contract: infact: contract will arise as a result of the conduct or action of the parties or it may be the result of what is custom or practice in a given business or trade. inlaw (quasi K) is really not a contract at all the law imposes this fictional contract in order to protect innocent party
  5. 3 factors for quasi contract
    establishing the fact that the paintiff performed the service or conferred some benefit on the defendant, performed that service with the expectation of being paid or compensated, to allow the defendant to walk away without justly compensating the paintiff would amount to unjust enrichment
  6. 5 elements of a contract
    valid offer, acceptance, capacity of parties, consideration, contract must serve some lawful purpose/cannot violate any public policy
  7. valid offer
    must be directly communicated to offery or designated agent. 
  8. acceptance
    offery voluntarily assents and agrees to the very mirrored image terms of the offer
  9. capacity of parties
    parties must be legally competant: minors, intoxication, mental incompetance
  10. consideration
    the legally bargained for exchange (containing legal value) which serves as the inducement for both parties to perform, pre-existing legal duty: where someone is under a pre-existing legal duty to perform, then any promise or payment of consideration will not be enforceable
  11. statute of frauds
    certain types of contracts if they are to be enforceable MUST be contained in a writing and signed by the respective parties to be charged
  12. third party benefitiary
    not a party to the underlying contract itself a 3rd party who is being benefitted under the contract, as a result of the intent expressed by the 2 primary parties 
  13. creditor beneficiary
    3rd party beneficiary who is owed a debt by one of the parties to the underlying contract and the other party promises to pay off that debt to the creditor beneficiary upon completion of the contract. if the promisor fails to pay off debt, then the cred. ben can sue either or both primary parties to the contract
  14. intended donee ben
    3rd party ben who is not being beneffitted because of a debt but rather they are benefitted as a result of the donatire intent
  15. designated beneficiary 
    must have a legal blood insurable interest relationship if the intended donee ben doesnt get money they can sue the promisor
  16. contractual assignment 
    when you have 2 parties in a contract and one of the paries transfers all contractual duties and benefits to another party with consent of the 2nd party in an agreement
  17. delegation
    a transfer of contractual duties by the delegator to the delegatee always held libel because simply delegating duties to the delagtate
  18. design defect
    at the time product is designed if it could have an alternate design